Gilbert Arenas said on Friday that his knee's comfort level and flexion fluctuates daily, depending on the weather conditions.

Arenas was felling great on Friday in Chicago, but it felt awful on Wednesday in Indianapolis.

"Really high humidity and places that's cold, it gets in my joints," Arenas said. "You know how they say, 'I know when it's going to rain'? Well, I know when it's raining.

"In Indiana, it was bad. The joint swells, so it stays stiff, so I can't really get the flexion that I need. But as soon as we landed here, it was fine."

Orlando coach Stan Van Gundy said he thinks Arenas' knee will "correct over time, but it'll take some time."

The Grizzlies are interested in signing Jason Williams after he clears waivers.

Williams, a former member of the Grizzlies, was released by the Magic this week.

Memphis is motivated to sign Williams and are considered favorites unless he gets an offer from a title contender.

The NBA announced the Western and Eastern Conference starters for the 2011 All-Star Game on Thursday, which will take place in Los Angeles on February 20th.

Western Conference
• Chris Paul, Hornets
• Kobe Bryant, Lakers
• Kevin Durant, Thunder
• Carmelo Anthony, Nuggets
• Yao Ming, Rockets

Eastern Conference
• Derrick Rose, Bulls
• Dwyane Wade, Heat
• LeBron James, Heat
• Amar'e Stoudemire, Knicks
• Dwight Howard, Magic

• Click here to view RealGM's All-Star page.

The Knicks have surpassed the Lakers as the NBA's most valuable franchise, according to findings from Forbes.

New York is valued at $655 million, while the Lakers are close behind at $643 million.

The Bulls, Celtics and Rockets comprise the remainder of the top-five.

In the wake of LeBron James leaving in free agency, the Cavaliers had a single-year decrease of 26%.

Full Rankings
1. Knicks
2. Lakers
3. Bulls
4. Celtics
5. Rockets
6. Mavericks
7. Heat
8. Suns
9. Spurs
10. Raptors
11. Magic
12. Warriors
13. Pistons
14. Blazers
15. Cavaliers
16. Jazz
17. 76ers
18. Thunder
19. Wizards
20. Nuggets
21. Nets
22. Clippers
23. Hawks
24. Kings
25. Bobcats
26. Hornets
27. Pacers
28. Grizzlies
29. Timberwolves
30. Bucks

The Orlando Magic have waived guard Jason Williams, President of Basketball Operations Otis Smith announced today.  The Magic’s roster stands at 13.
 
Williams played in 16 games this season for Orlando, averaging 2.1 ppg., 1.5 apg. and 1.4 rpg.

Jason Williams has left the Magic, according to a report by John Denton of OrlandoMagic.com.

Magic president of basketball operations Otis Smith said that the matter would be dealt with when the team returns from its road trip.

The Orlando Magic's Dwight Howard and the Portland Trail Blazers' LaMarcus Aldridge Monday were named the Eastern and Western Conference Players of the Week, respectively, for games played Jan. 17 through Jan. 23.

Howard led Orlando to 3-1 record on the week, averaging 26 points to go along with 13.3 rebounds (tied for third in the league and second in the East) and 1.3 blocks.

He recorded three games with at least 20 points and 10 rebounds, giving him 20-10 in 23 games on the season. 

Aldridge ranked fifth in the league in scoring, averaging 28.3 points to go along with 10.3 rebounds and 2.3 assists.

After Monday's game between the two teams, Magic general manager Otis Smith questioned the toughness of the Celtics.

"They act tough," Smith said. "They're not really tough. They act tough."

The Celtics aren't buying into Smith's comments.

"That psychological stuff, we know who we are," Ray Allen said.

The Magic are concerned that Dwight Howard will opt out of his contract and follow the recent trend of stars aligning to form title contenders.

"At end of day, I think he wants to stay here and wants to win here," general manager Otis Smith told the Orlando Sentinel. "But with so many marquee guys moving, it's kind of hard for me not to have any angst about it.

"I'd be crazy if I didn't. Of course."

Orlando realizes that they could face a Carmelo Anthony situation if they aren't able to sign Howard to a contract extension before next season.

Howard has the ability to opt out of his deal after the 2011-12 season.

"I don't know what happens. My crystal ball is telling me Dwight wants to stay here," Smith said.

An Orlando trainer was seen working on the left leg of Gilbert Arenas during the team's game against the Thunder on Thursday night.

The sight caused concern about the surgically-repaired left knee of Arenas, who the Magic acquired in a trade with the Wizards last month.

"We're just trying to keep it loose," Arenas insisted. "With the change of the weather right now, because it's got a little bit of arthritis in it, I can feel it. Before the game starts, we're just trying to keep it warm."